Petroleum Africa
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Friday, August 30, 2013
Horn Petroleum Corp. issued its Q2 and H1 results giving an update on its activities and plans for the Puntland. Over the period the company’s focus was on its preparations for a seismic acquisition campaign in the Dharoor Valley area. The campaign will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin as well as prospect-specific seismic to delineate a drilling candidate in the western portion of the basin where an active petroleum system was confirmed by the recent drilling at the Shabeel-1 and Shabeel North-1 well locations.
Horn also continues to purse efforts to drill an exploration well in the Nugaal Valley block and is working with the Puntland government to move this project forward.
Based on the encouragement provided by the Shabeel wells, the company and its partners Range Resources and Red Emperor, entered the next exploration period in both the Dharoor Valley and Nugaal Valley PSAs which carry a commitment to drill one well in each block within an additional three-year term ending October 2015. The current operational plan is to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland government regarding drill ready prospects in the Nugaal Valley block. The company continues to investigate potential JV partnerships and is reviewing new venture opportunities in the region.
Horn President and CEO, David Grellman, commented, “We remain very encouraged by the exploration potential of our Jurassic rift basins in Puntland. We have committed to the next exploration phase in both PSAs and plan to aggressively explore both areas to confirm this potential. We are also optimistic that the political progress in Somalia will continue and allow oil and gas exploration in the region to expand.”
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